Former state school employee Tenboer paid in $149K to teachers' pension fund, could collect $3.35M in retirement

By Local Labs News Service

Jun 1, 2016

Former state school employee Kelvin Tenboer, who retired in May 2016, saved $148,915 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Tenboer would collect as much as $3.35 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Tenboer received $70,515 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Tenboer will have already received $217,954 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Erie Community Unit School District 1

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